Bitcoin price overcomes $50K, stocks slide after disappointing US jobs report

The S&P 500 slid to the intraday highs of Sept. 2 while Bitcoin (BTC) climbed to its highest levels in more than three months. The moves came as a key report on Sept. 3 showed that the United States economy added fewer jobs than anticipated, lowering the Federal Reserve’s likelihood to start unwinding its stimulus program this year. The U.S. Bureau of Labor Statistics revealed that nonfarm payrolls (NFPs) grew by 235,000 in August, against expectations of 733,000 positions. Nevertheless, the unemployment rate inched lower to 5.2% from the previous…

The total market cap of public crypto stocks has quadrupled since January

The combined market cap of publicly-listed crypto firms has roughly quadrupled this year while the number of public digital asset firms has increased by 28% over the same period. A new report from CoinShares estimates that public “cryptocurrency pure play companies” were worth roughly $25 billion at the start of the year, with mining firms and financial service providers representing the lion’s share of value. While the report notes that 16 digital asset firms have gone public this year — increasing the number of public crypto companies to 57 public…

MicroStrategy and Bitcoin mining stocks rally as BTC price rebounds

Bitcoin (BTC) price soared to a 3 month high at $46,293 after bulls confirmed that they intend to take full control of the market. While crypto traders might be in the green again and pro traders are looking to add larger leveraged positions, no every class of investors to obtain direct exposure to Bitcoin.  For institutional investors, a fund administrator sets the rules for what percentage of the portfolio is invested in various asset classes and different companies have varying appetites for risk. Reasons investors may be piling into these assets…

Crypto joins stocks in ‘extreme fear’ after Bitcoin loses $30K support

Bitcoin (BTC) failed to regain $30,000 after losing support on Tuesday as Fear & Greed indexes raced each other to the bottom.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC’s price stays below $30,000 waterline Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continued trading in the $20,000–$30,000 zone on Tuesday. The largest cryptocurrency saw a turbulent night’s price action, abruptly adding to existing losses to seal 24-hour negative returns of -6%. The move came in tandem with a souring sentiment on traditional markets. The Fear & Greed Index, which…

Young Koreans’ debt soars as they turn to crypto, stocks and real estate

Household debt for younger Koreans — those born from the 1980s onward — has surged to $22.7 billion, up from $3.9 billion from last year.  Data from South Korea’s Financial Supervisory Service (FSS), released today by Representative Kim Han-jeong of the Democratic Party of Korea, reportedly indicates that the high levels of lending are attributable to an increase in investments in cryptocurrencies, stocks and real estate. While millennials and Gen Z accounted for roughly 34% of total household debt in Korea in 2019, that figure grew to 45.5% by 2020…

Bitcoin may lose $30K price level if stocks tank, analysts warn

The ghost of stock market crash is back again to haunt Bitcoin (BTC). It happened last in March 2020. Back then, the prospect of the fast-spreading coronavirus pandemic led to lockdowns across developed and emerging economies. In turn, global stocks crashed in tandem, and Bitcoin lost half of its value in just two days. Meanwhile, the U.S .dollar index, or DXY, which represents the greenback’s strength against a basket of top foreign currencies, has now climbed by 8.78% to 102.992, its highest level since January 2017. The huge inverse correlation showed that…

Hawkish Fed comments push Bitcoin price and stocks lower again

Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to happen in late 2022.  Bullard’s comments were even more hawkish than Wednesday’s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell’s comments triggered a sell-off across financial markets as the U.S. dollar gained strength. U.S. dollar currency index. 4-hour…

Bitcoin’s correlation with gold and stocks is growing

Bitcoin (BTC) is an uncorrelated asset, or so the narrative used to go. For much of Bitcoin’s lifetime, it existed as something of value to a very small group of people. Now, awareness and demand are accelerating rapidly. So, what does this mean for the status of BTC as a supposedly uncorrelated asset?  That Bitcoin was an uncorrelated asset isn’t just conjecture — the numbers back it up. According to data compiled by VanEck in early 2021, there was almost no discernible pattern between the movements of Bitcoin and other…

Bitcoin retests $37K support, gold and stocks drop lower over Fed comments

Bitcoin (BTC) price dropped another notch to $37,365 today after a failed attempt by bulls to retake the $40,000 level. The renewed slump comes as the stock market and commodities also pulled back as a result of Federal Reserve Chair Jerome Powell’s comments related to future interest rate hikes and concerns over rising inflation which led to pdeclines for both Bitcoin and gold.  Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC climbed from $38,200 in the early trading hours on Thursday to a high above $39,500…

Crypto and ‘meme stocks’ shunned by 90% of UK financial advisers

More than 90% of 200 independent financial advisers (IFA) in the United Kingdom who participated in a recent poll by research agency Opinium indicated negative cryptocurrency sentiments, with over one-third reporting an increase in cryptocurrency-related inquires from clients since the start of the year. Quoting figures from the poll, Reuters reported on Wednesday that 93% of surveyed IFAs would not recommend crypto investment vehicles to their clients. A similar negative sentiment also showed for meme stocks — a term used to describe shares of companies whose values are often driven…